Ofori-Atta outlines 7 pillars hinged on Ghana’s potential IMF programme

Finance Minister, Ken Ofori-Atta, has outlined a number of pillars which will be hinged on Ghana’s possible economic support programme from the International Monetary Fund.

Ghana is currently holding negotiations with officials from the Fund who arrived in Accra-Ghana on September 26. The country is targeting US$3 billion from the Bretton Woods institution once an agreement can be reached.

Ken Ofori-Atta providing some updates on the ongoing negotiations at a press briefing on September 28 said, “Our economic programme contains a set of time-bound structural reforms and fiscal consolidation measures to place our debt levels and fiscal accounts on a sustainable path over the medium-term.”

“The programme is hinged on seven (7) pillars, namely: i. Debt Sustainability; ii. Fiscal Consolidation; iii. Strengthening Monetary and Exchange Rate Policies iv. Building Strong Financial Institutions; v. Macro-Critical Structural Reforms; vi. Maintaining Peace and Security; and vii. Economic Growth and Transformation.”

The Finance Minister however disclosed that government is finalizing its post-COVID-19 economic programme as the domestic blueprint to engage the IMF.

“This document has already benefitted from input from key stakeholders including Civil Society Organizations (CSOs), social partners (Labour unions, employers, and FBOs), academia, industry professionals, and the leadership of Parliament. Additional stakeholder engagements will be held to solicit further inputs for the programme,” Ken Ofori-Atta said.

The potential IMF programme seeks to establish a macro-fiscal path that ensures debt sustainability and macroeconomic stability underpinned by key structural reforms and social protection.

Meanwhile, a five-member committee consisting of financial professionals will lead the extensive stakeholder engagements which will take place from September 26 to October 7, 2022.

MA/FNOQ